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Buyout owners sack MGM chief executive

Providence Equity Partners and Texas Pacific Group, the de facto leaders in a six-member consortium that acquired Metro-Goldwyn-Mayer for $5bn (€3.5bn), have sacked Harry Sloan as the studio’s chief executive.

The move is understood to have come following the buyout firms’ growing disillusionment with Sloan's history of costing MGM millions through poor management decisions and exorbitant spending.

MGM, which is struggling to restructure its $3.7bn bank debt, will be run by a newly constituted "office of the CEO" - comprising production head Mary Parent, chief financial officer Bedi A. Singh and Stephen F. Cooper, a restructuring expert who joins the firm as vice chairman.